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- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
Wells Fargo Likely to Clawback Carrie Tolstedt’s Stock Options
Carrie Tolstedt, the former chief of consumer banking for Wells Fargo, retired last July after 27 years with the bank. In the process, she took home $125 million in stock, options and restricted Wells Fargo shares – some of which had not yet vested. At the time, there was no mention of a ‘clawback’ to any of the stock and cash compensation had been awarded. But that appears that will be changing.
The Wells Fargo Board of Directors is expected to clawback the entire lot of stock options that Ms. Tolstedt had been awarded - valued at nearly $54 million in today’s market. No comment was available from either Wells Fargo or Ms. Tolstedt's counsel.
It isn't clear whether Ms. Tolstedt was responsible for, or even aware of, the widespread abusive tactics that took place in the Community Banking division of the bank that she ran during the entire period in which the customer abuse was alleged. That division includes retail banking and credit card divisions. Rather, througout that period, Ms. Tolstedt was regularly praised for her unit's ability to get customers to open numerous accounts. And, for a number of years, the Wells Fargo's proxy statement, which details executive pay, cited high "cross-selling ratios" as a reason that Tolstedt had earned her roughly $9 million in annual pay.
Too good to be coincidental?